Vista Gold : Corporate Presentation (VistaGoldInvestorPresentation May2026 WEBSITE 050826)

Published: 2026-05-08 14:55:09 ET VGZ

Published on 05/08/2026 at 02:55 pm EDT

May 2026

VGZ

NYSE American & TSX

Realizing Shareholder Value Through Disciplined Execution

Sources for all references to the 2025 Feasibility Study throughout this presentation:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025 NI 43-101 Technical Report, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025

Sources for all references to the 2024 Feasibility Study throughout this presentation:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 50,000 tpd Feasibility Study, Northern Territory, Australia, effective date March 12, 2024 NI 43-101 Technical Report, Mt Todd Gold Project 50,000 tpd Feasibility Study, Northern Territory, Australia, effective date March 12, 2024

VGZ | VISTA GOLD 2

Tight Capital Structure with No Debt

CAPITAL STRUCTURE

INSTITUTIONAL HOLDERS AND INSIDERS

Symbol (NYSE American & TSX)

VGZ

Share Price (May 7, 2026)

$2.25

Shares Outstanding1

145.9M

Market Capitalization

$328.5M

Cash1

$52.7M

Debt

Nil

Kopernik Global Investors

5.8%

Vista Board and Management

3.2%

Cetera Investment Advisors

1.5%

Trek Financial LLC

1.4%

Marshall Wace LLP

0.9%

Two Sigma Investments LP

0.7%

Outstanding shares as of March 31, 2026. Fully diluted 150.6 million.

As of March 31, 2026.

$425 Million

INITIAL CAPEX

1.04 g Au/t

AVERAGE ORE GRADE YEARS 1-15

153,000 oz

AVERAGE GOLD PRODUCTION

YEARS 1-15

5.2 Million oz Au

MINERAL RESERVES1

10.6 Million oz Au

MINERAL RESOURCES2

AFTER-TAX NPV5%

AT $2,500 GOLD3

AFTER-TAX IRR AT $2,500 GOLD3

$2.2 Billion

AFTER-TAX NPV5% AT $3,300 GOLD

44.7%

AFTER-TAX IRR AT $3,300 GOLD

AISC YEARS 1-15

MINE LIFE 4

At $1,800 gold price and 0.50 g Au/t cutoff - see slide 13 for details.

At $1,950 gold price and 0.40 g Au/t cutoff - see slide 12 for details.

Feasibility Study gold price of $2,500.

Excludes years 31-33 of self-funding reclamation when heap leach ore from previous operations is re-processed.

Completing Work Programs Leading up to Detailed Engineering and Design in 2027

Completing Pre-Development Optimizations

Metallurgical Testing

Geotechnical Study

Project Execution Planning Permit Modifications

Aligning existing permits with the designs and operating plans defined in the 2025 Feasibility Study

Expanding Australian-based Team

Small executive team in Perth with larger operating presence in the Northern Territory to lead development efforts

Building team of experienced mine builders and operators

Comparison to Australian Gold Producers

VGZ | VISTA GOLD

Vista Gold's average annual gold production is based on Years 1-15 as estimated in the 2025 FS. Other Sources: See slide 21 in the Appendix.

Modifications Underway to Align with 2025 Feasibility Study Designs

Modifications of Existing Key Permits

2026

2027

Approval of Additional Aboriginal Areas Protection Authority Certificate

Conversion of Deemed Environmental Mining License to Environmental Mining License Amendment of Environmental Impact Statement

Amendment of Environmental Mining License

Approval of Environmental Protection and Bio-Diversity Conservation Authorization

Development-Stage Project that Appeals to Investors and Strategic Partners

Focused on Value Realization

Fit for purpose and right sized for initial development

This milestone will initiate an estimated 27-month design, construction, and commissioning process as set out in the

2025 FS

Initial capex $425 million

1.04 g Au/t average ore grade over first 15 years; 0.97 g Au/t LoM

Steady gold production of approximately 153,000 oz/yr years 1-15; 146,000 LoM

After-Tax NPV5% of $1.1 billion and IRR of 27.8% at $2,500 gold price

After-Tax NPV5% of $2.2 billion and IRR of 44.7% at $3,300 gold price

Contact

Pamela A. Solly

VP of Investor Relations

Phone: (720) 877-0132

Email: [email protected]

NYSE AMERICAN & TSX: VGZ

https://www.vistagold.com

APPENDIX

VGZ | VISTA GOLD 11

MT TODD GOLD PROJECT

M & I gold resources now exceed 9 Moz

Total Mineral Resources

Increased Reserve Grade by 23% - 1.04 g Au/t Years 1-15 and 0.97 g Au/t LoM

Proven and probable - 5.2 Moz at raised cutoff grade of 0.50 g Au/t

Proven and Probable Mineral Reserves

Tonnes

Grade

Gold Oz

Tonnes

Grade

Gold Oz3

(000)

(g Au/t)

(000)

(g Au/t)

(000)

Measured & Indicated 340,428

0.83

9,122

Batman Deposit

158,623

0.97

4,959

Inferred 57,099

0.78

1,433

Heap Leach Pad

13,352

0.54

232

5,190

See Appendix - Mineral Resources slide 12 for details.

See Appendix - Mineral Reserves slide 13 for details.

Amounts may not add to total due to rounding.

MT TODD GOLD PROJECT

Mt Todd Gold Project - Mineral Resources

0.40 g Au/t Cutoff and US$1,950 per ounce

Batman Deposit

Heap Leach Pad

Quigleys Deposit

TOTAL

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Measured (M)

124,502

0.82

3,301

3,702

1.13

134

128,204

0.83

3,435

Indicated (I)

191,907

0.84

5,156

13,352

0.54

232

6,965

1.34

299

212,224

0.83

5,687

Measured & Indicated

316,409

0.83

8,457

13,352

0.54

232

10,667

1.26

433

340,428

0.83

9,122

Inferred

54,338

0.78

1,369

2,761

0.71

57,099

0.78

1,433

Notes:

Measured & Indicated resources include Proven and Probable Reserves.

Batman and Quigley Resources are quoted at a 0.40g-Au/t cut-off grade. Heap Leach resources are the average grade of the heap, no cut-off applied.

Batman: Resources constrained within a $1,950/oz gold pit shell. Pit parameters: Mining Cost $3.00/tonne, Milling Cost $17.50/tonne processed, G&A Cost $1.50/tonne processed, Au Recovery metallurgical equation averaging 89.7%.

Quigleys: Resources constrained within a $1,950/oz gold pit shell. Pit parameters: Mining Cost $3.00/tonne, Milling Cost $17.50/tonne processed, G&A Cost $1.50/tonne processed, Au Recovery metallurgical equation averaging 89.7%.

Differences in the table due to rounding are not considered material. Differences between Batman and Quigleys mining and metallurgical parameters are due to their individual geologic and engineering characteristics.

Kira Johnson, MMSA, of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Quigleys deposits and Heap Leach pad.

The effective date of the Heap Leach, Batman and Quigleys resource estimate is July 25, 2025.

Mineral resources that are not mineral reserves have no demonstrated economic viability and do not meet all relevant modifying factors.

The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Reserves.

Sources for above data:

MT TODD GOLD PROJECT

Mt Todd Gold Project - Mineral Reserves

0.50 g Au/t Cutoff and US$1,800 per gold ounce

Batman Deposit

Heap Leach Pad

Total

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Tonnes (000)

Grade (g Au/t)

Contained

Ounces (000)

Tonnes (000)

Grade (g Au/t)

Contained Ounces

(000)

Proven

77,359

0.95

2,371

77,359

0.95

2,371

Probable

81,263

0.99

2,588

13,352

0.54

232

94,615

0.93

2,820

Proven & Probable

158,623

0.97

4,959

13,352

0.54

232

171,975

0.94

5,190

Notes:

The Mineral Reserves point of reference is the point where material is fed into the processing plant.

Batman deposit Mineral Reserves are reported using a 0.50 g Au/t cutoff grade and $1,800/oz gold price.

Colin McVie, FAusIMMand Peter Lock , FAusIMM of Mining Plus are the QP's responsible for the Statement of Mineral Reserves for Batman Deposit Proven and Probable mineral reserves.

Because all the heap-leach pad reserves are to be fed through the mill, these Mineral Reserves are reported without a cutoff grade applied.

Deepak Malhotra SME registered member, is the QP responsible for reporting the heap-leach pad Mineral Reserves.

The effective date of the Batman and Heap Leach Mineral Reserves estimate is July 25, 2025.

Differences in the table due to rounding are not considered material

The Mineral Reserves were estimated using the CIM Definition Standards for Mineral Resources and Mineral Reserves.

Sources for above data:

MT TODD GOLD PROJECT

YEARS 1-15

LIFE OF MINE 1

Average Annual Gold Production

koz

153

146

Gold Grade (ROM feed) 2

g Au/t

1.04

0.97

Gold Recovery (ROM) 2

88.6%

88.5%

Total Gold Production

koz

2,298

4,368

Cash Costs

$/oz

$1,399

$1,413

All-in Sustaining Costs

$/oz

$1,449

$1,499

Stripping Ratio

W:O

4.15

3.98

Initial Capital

$ millions

$425

Capital Efficiency (initial capital : total oz Au produced)

$/oz

$93

$97

Benefit Cost Ratio (NPV5% : initial capital)

2.5

Sustaining Capital

$ millions

$85

$256

Reclamation and Closure, Net

$ millions

$29

$176

After-tax NPV5%3

$ millions

$1,060

After-tax IRR 3

27.8%

After-tax Payback 3

Years

2.7

Life of Mine comprises years 1-30.

"ROM" means run of mine.

Feasibility Study gold price of $2,500.

MT TODD GOLD PROJECT

Fit for Purpose Design Supports Conventional Australian Mine and Plant Operations

Conventional truck and excavator open pit operation

Drill and blast on 12-meter benches (ore and waste)

Pit slope parameters re-evaluated

71 M tonnes of below cut-off material with economic potential to be segregated in waste rock dump for possible future processing

Batman pit stripping ratio (W:O) 4:1

Stockpiling used to deliver higher and consistent grades

Life of mine average gold recovery of 88.5%

3-stage crush (gyratory, cone and HPGR)

Single-stage sorting (XRT)

2-stage grind (P80 40 microns)

Carbon-in-leach recovery circuit

1 See Appendix - Conventional Gold Recovery Circuit slide 16 for process flowsheet details.

MT TODD GOLD PROJECT

Mining Leases and Exploration Licenses

Four mining leases (MLs)

Four exploration licenses (ELs) 1,337 km2

Batman deposit and other previously mined open pits. Section is not representative of location and scale.

MT TODD GOLD PROJECT

District-Scale Exploration Potential

Largely unexplored, host to known occurrences of precious and base metals, and highly prospective for new discoveries

Identified four promising targets to date on the 24 km Batman-Driffield Trend with potential to add gold ounces to resource base

Newly updated Mineral Resources estimate

MI&I Mineral Resources estimate of 496 koz gold at 1.15 g Au/t1

South Cross Lode located adjacent to the Batman deposit and extends with a defined strike length of 400 meters northeast

Open at depth and along strike to the northeast, potentially connecting to other identified exploration targets

1 See Appendix - Mineral Resources slide 12 for details.

Disclaimer

Vista Gold Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 18:54 UTC.